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whole life insurance

Whole life insurance is defined as a type of insurance policy that serves as an investment and that provides protection for your dependents in the event of your death.

(noun)

An example of whole life insurance is an insurance policy you buy that will allow you to accumulate cash for retirement and will pay a death benefit to your wife when you die.

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See whole life insurance in American Heritage Dictionary 4

noun
Insurance that provides death protection for the insured's entire lifetime.

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